FX.co ★ Daily analysis of Silver for July 30, 2014

Overview

Based on the 4H chart above, silver is still stabilizing between the support level of 20.50 and the resistance level of 20.70 after its rebounded from the resistance yesterday. If silver continues its bearish move and manages to break the support level of 20.50, it will produce a strong indicator for the downward move and open the way towards the support level of 20.20. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy signals from this level till reaching the resistance level of 21.00, then 21.20.

Resistance and support levels: R3(21.00), R2 (20.70), R1 (20.50), S1 (20.20), S2 (20.00), S3 (19.75).